Word: rig
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Dates: during 1960-1969
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Died. Thurman A. Whiteside, 50, the wealthy, wheeling-dealing Florida lawyer acquitted last fall of conspiring with ex-Federal Communications Commissioner Richard A. Mack to rig a Miami television channel award; by his own hand (a gunshot wound); in Miami...
Belly & Head. The essentials of this system, plus a specially designed drill rig, got their first big test last fortnight when Cuss I, owned by Global Marine Exploration Co. and originally designed to drill oil wells in much shallower water, stationed herself off La Jolla, where the ocean is 3,140 ft. deep. Four outboard propellers driven by 200-h.p. engines churned the water fore and aft, but, according to plan, the ship did not move. Buoys moored 1,000 ft. away carried transponders to repeat sonar waves sent to them underwater. Pilot Ernie Cantu watched a sonarscope showing...
...shame. The cases before him, said Federal District Judge J. Cullen Ganey, were "a shocking indictment of a vast section of our economy." They were more than that. They showed clearly that the executives of a mighty industry, publicly devoted to the concept of competition, had privately conspired to rig prices to the detriment of their customers on a scale so vast that it embraced everything from the Tennessee Valley Authority to the private utilities that supply the nation's light and power...
...Electric and Westinghouse, and 44 of their executives. Long ago, faced with incontrovertible evidence gathered by the Eisenhower Administration's relentless trustbusters, the companies and individuals had pleaded guilty or nolo contendere (no contest) to charges that they conspired over the past seven years to fix prices and rig bids in the sale of some $7 billion worth of heavy electrical equipment (TIME, Feb. 29, 1960, et seq.). Now the moment of reckoning had come. First before the court came the lawyer for John H. Chiles Jr., 57, a vice president of Westinghouse, to plead for mercy. His client...
...more primitive Wall Street shenanigans to rig the price of a stock have long been outlawed. But Wall Street is confronted with a new, more complicated phenomenon: the growing refinement of the art of running up a stock by legitimate publicity techniques-and by some not so legitimate. This year the number of people criminally indicted by SEC for false or misleading stock information has increased 38%. The New York Stock Exchange, concerned over the flood of inside tips on corporate developments, last week issued a warning reminder to listed companies that any information likely to affect a stock...